RICHMOND, Va., April 17, 2018 /PRNewswire/ -- Genworth
Mortgage Insurance, an operating segment of Genworth Financial,
Inc. (NYSE: GNW), today announced an enhanced integration with
Ellie Mae's Encompass®
digital mortgage solution to include new functionality for contract
underwriting services. The enhancement allows lenders to submit
loan applications directly through the Encompass interface for
contract underwriting with or without mortgage insurance, adding a
new offering for customers who use both the Genworth and Encompass
solutions*.
"Integrating contract underwriting into the Genworth-Encompass
workflow expands our multi-solution offering and extends our
expertise in another key area to all our customer segments," said
Erika Martin, Director, Customer
Experience and Segment Marketing, Genworth Mortgage Insurance.
"This expanded partnership, against the backdrop of our
best-in-class underwriting capabilities, advances our goal of
driving innovation to facilitate homeownership opportunities for
new and existing homeowners."
Additional features from the integration include:
- Ease of use for lenders, further supporting our customers' use
of contract underwriting to reduce origination cost and support
underwriting capacity needs
- Ability to order contract underwriting and upload associated
documents while staying within Encompass
- Mortgage insurance commitments and contract underwriting
decisions provided through Encompass as downloadable PDF files
- Submission of loans for contract underwriting with or without
mortgage insurance
The announcement complements Genworth's continued focus on
adding value in its priority areas of underwriting and technology
to improve the customer experience.
Underwriting – Genworth continues to be recognized within the
mortgage insurance industry as having best-in-class underwriting
services according to a blind, third-party survey polling both
customers and non-customers. Genworth's underwriting division is
comprised of 154 employees, with an average of 20+ years of
industry experience.
Technology – The Encompass integration enhancement is the latest
in a series of initiatives that leverage technology to improve the
underwriting process:
- In 2015, Genworth launched a new enhancement to its integration
with Ellie Mae's Encompass solution
in response to growing demand for streamlined full package
underwriting, which allowed lenders to submit loans for full
package (non-delegated) mortgage insurance (MI) underwriting to
Genworth, plus order delegated MI and run rate quotes, without
leaving Encompass.
- In 2016, Genworth launched "GENie", an underwriting platform
that automates manual underwriting processes such as document
classification, data extraction, loan routing/assignment, and
performance management, eliminating the need for underwriters to
interface with multiple systems.
- In 2017, Genworth launched a new website, new.mi.genworth.com,
that allows loan officers, underwriters, processors and other
lending professionals to visually track every part of the mortgage
insurance application process through close.
"Genworth's technological ecosystem has meaningfully improved to
where all of the individual technology-oriented solutions that have
been created over the years are increasingly compatible with each
other," said George Reichert, Chief
Information Officer, Genworth Mortgage Insurance. "We view this as
a tremendous positive in our efforts to drive innovation."
About Genworth Financial
Genworth Financial, Inc.
(NYSE: GNW) is a Fortune 500 insurance holding company committed to
helping families achieve the dream of homeownership and address the
financial challenges of aging through its leadership positions in
mortgage insurance and long term care insurance. Headquartered
in Richmond, Virginia, Genworth
traces its roots back to 1871 and became a public company in
2004. For more information, visit genworth.com.
From time to time, Genworth releases important information via
postings on its corporate website. Accordingly, investors and other
interested parties are encouraged to enroll to receive automatic
email alerts and Really Simple Syndication (RSS) feeds regarding
new postings. Enrollment information is found under the "Investors"
section of genworth.com. From time to time, Genworth's
publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth
Mortgage Insurance Australia Limited, separately release financial
and other information about their operations. This information can
be found at http://genworth.ca and
http://www.genworth.com.au.
*Contract underwriting services are provided by an affiliate,
Genworth Financial Services, Inc.
Ellie Mae® and Encompass® are registered trademarks of
Ellie Mae, Inc.
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SOURCE Genworth Financial, Inc.